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Money, Crises, and TransitionEssays in Honor of Guillermo A. Calvo$
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Carmen M. Reinhart, Carlos A. Vegh, and Andres Velasco

Print publication date: 2008

Print ISBN-13: 9780262182669

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262182669.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 28 September 2021

Hard Currency Pegs and Economic Performance

Hard Currency Pegs and Economic Performance

Chapter:
(p.121) 6 Hard Currency Pegs and Economic Performance
Source:
Money, Crises, and Transition
Author(s):

Sebastian Edwards

I. Igal Magendzo

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262182669.003.0007

This chapter analyzes whether common currency countries—both dollarized and independent currency union countries—have outperformed countries that have a currency of their own. It shows that countries with no currency of their own have had significantly lower inflation and enjoyed higher growth, but suffered from higher macroeconomic volatility. Thus, the jury is still out on the net benefits of giving up a national currency.

Keywords:   national currency, common currency countries, inflation, economic growth, macroeconomic volatility

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